Town Centre eyes up acquisitions

The Leeds-based company said it is focusing on managing its investment portfolio in a market that remains reasonably stable.

The group said its performance continues to meet expectations and it has achieved the anticipated savings in administrative expenses and lower interest costs.

The group has net debts of 141.9m, down slightly from the 141.3m reported at the end of June.

Town Centre said it continues to operate well within its available facilities and covenants, providing headroom to make asset purchases and further develop its existing portfolio.

The only changes to its property portfolio over the past five months were the sale of two small properties in Bradford and Kings Lynn for net proceeds of 1.4m, as previously reported.

The car parking business was at a similar level to last year. The Merrion Centre Multi-Storey Car Park has performed in line with expectations since the group took over management in July.

The group is looking new car park opportunities, both to own and manage.

Chairman and chief executive Edward Ziff said: "I am very pleased with the start we have made to this financial year. The market remains stable and we have been able to concentrate our efforts on working with new and existing tenants to underpin the strength and resilience of the business.

"We continue also to develop our plans to increase our return from our existing assets."